Intermediate Accounting, 10 Ed
10th Edition
ISBN: 9781260310177
Author: Mark W. Nelson, Wayne B. Thomas J. David Spiceland
Publisher: McGraw-Hill Education
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On November 30, 2019, Davis Company and the following account balances:
1. Prepare general journal entries to record preceding transactions. 2. Post to general ledger T-accou11ts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: (a) accrued salaries at year-end total $1,200; (b ) for simplicity, the building and equipment are being depreciated using the stright-line method over an estimated life of 20 years with no residual all c) supplies on hand at the end of the year total $630; (d ) bad debts expense for the year totals $830; and (e ) the income tax rate is 30%; income taxes are payable in the first quarter of 2020. 4. Prepare company's financial statements for 2019 . 5. Prepare 2019 (a) adjusting and (b) closing entries in the general journal.
Prepare journal entries to record the following transactions. You are required to show all calculations: the financial year-end of the client is 30 November 2021.
3.1
The company adopted the straight-line depreciation method. Record the 15% depreciation on the plant and equipment purchased On 1 December 2020 for R125 000.
3.2
The allowance for credit losses account has an opening balance of R4 500. The policy requires the allowance to equate 8% of the total accounts receivable. The debtors sub-ledger totaled R52 000 prior receiving 40c in the rand on an account of R3 000. The financial manager instructed the write off on the balance WITH GENERAL LEDGER ENTERIES:
Please dont provide answer in image format thnku
On June 7,2019, Dilby Mechanical Corp completed $50,00 of servicing work for a client and billed them for that amount plus a GST of $2,500 and PST of $3,50; terms are N20.
Required:
a. Prepare the journal entry as it would appear in Dilby's accounting records.
b. Assume the receivable established on June 7 was collected on June 27. Record the entry.
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- Devlin Company has prepared following partially completed worksheet for the year ended December 31, 2019: 1. Complete the worksheet. (Round to the nearest dollar.) 2. Prepar company's financial statements. 3. Prepare (a) adjusting and (b ) closing entries in the general journal.arrow_forwardA. Post the journal entries to their ledger using T-Account Format. Use Additional information on Enrichment Activity 2-1 and use the trial balance for the beginning balances. B. Prepare Trial balance, as of April 30, 2021.arrow_forwardYou were able to gather the following from your first-time audit client, WXY Corporation, as of and for the period ended December 31, 2021: Supplies bought last October 20, 2020; 10% used during 2020; 20% remaining as of December 31, 2021; entry made in 2020 includes a debit to expense for the whole amount 50,000 Advance rental payment for 3 months paid to lessor on November 30, 2021; amount charged to rent expense; no adjusting entry made 30,000 Sales recorded on January 2, 2022, pertaining to a merchandise shipped to a customer last December 28, 2021; FOB Shipping point 120,000 Purchases recorded last December 30, 2021; merchandise was shipped last December 29, 2021, received January 3, 2022; FOB Destination 45,000 Interest on an amount lent to a borrower, note was received last December 1, 2021, term is 6 months face value is 100,000; interest income recorded interest rate per annum is 9% A minor repair on an equipment on January 2, 2021, was…arrow_forward
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